(WASHINGTON) -- Sen. Tim Scott, R-S.C., on Thursday called for firings at the Federal Reserve over the central bank's failure to regulate Silicon Valley Bank in the run-up to its collapse.The imperative from Scott came during Senate testimony from Michael Barr, the Fed's vice... Read More.
(WASHINGTON) -- Senators from both parties slammed former Silicon Valley Bank CEO Greg Becker at a hearing on Tuesday, accusing him of mismanagement that they say was fueled by short-term profits and the millions he stood to gain in compensation.In a particularly heated exchange,... Read More.
(NEW YORK) -- The Federal Reserve failed in its role as banking industry watchdog in the run up to the collapse of Silicon Valley Bank, the central bank said on Friday.The Fed sharply criticized leadership at Silicon Valley Bank for "a textbook case of... Read More.
(NEW YORK) -- First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been... Read More.
(WASHINGTON) -- The Federal Reserve was aware of risks to Silicon Valley Bank more than a year before its collapse, ABC News confirmed on Monday following a New York Times report.Even more, ABC News has confirmed a Wall Street Journal report that the Fed... Read More.
(NEW YORK) -- A string of bank collapses in recent days sent panic rippling through the financial sector, prompting an extraordinary U.S. government intervention to save depositors and a sharp drop for bank stocks in the U.S. and Europe.Some people and institutions, however, made... Read More.
(NEW YORK) -- SVB Financial Group and top executives have been named in a federal lawsuit amid the collapse of Silicon Valley Bank, the largest bank failure since the 2008 financial crisis.A shareholder from Wisconsin, who says he lost about $12,000, is named as... Read More.
(NEW YORK) -- An Ohio public pension fund for teachers revealed it lost millions by holding more than $27 million in Silicon Valley Bank shares before the bank’s collapse.The State Teachers Retirement System (STRS) of Ohio stated that the shares represented a minuscule portion... Read More.
(NEW YORK) -- The word “bailout” is sure to make anyone who remembers the 2008 financial crisis nostalgic in all the worst ways. At the time, the government used taxpayer money to keep some of the country’s largest financial institutions afloat.Two regional banks recently... Read More.
(NEW YORK) -- The failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history, called into doubt the fate of roughly $175 billion in customer deposits.Days later, the U.S. government guaranteed the protection of all Silicon Valley Bank deposits but the turmoil left... Read More.
(WASHINGTON) -- The collapse of Silicon Valley Bank is putting deregulatory reforms implemented under former President Donald Trump back in the spotlight.The abrupt implosion of the country's 16th-largest bank last week resulted in swift finger-pointing in Washington.President Joe Biden and many progressive Democrats have blamed,... Read More.
(NEW YORK) -- Bank stocks in the U.S. and Europe tumbled on Wednesday as the global financial system continued to reckon with the Silicon Valley Bank collapse, the largest bank failure since 2008.Shares of Credit Suisse fell more than 26% in early trading after... Read More.